The country’s largest lender, State Bank of India (SBI), has cut its deposit rates by 0.25% across all tenures effective from October 5. With this, deposits having a tenure of 1-year to less than 2-years, will now attract a rate of 6.25% (6.5%), the bank said in a release on Thursday.
Similarly, deposits having 2-3 years and 3-5 years maturity will now carry rates of 6.75% (7%) and 7% (7.25%), respectively, the bank said.
Also, 5-8 years and 8-10 years deposits will now be offered at a rate of 7.25% (7.5%) and 7.5% (7.75), respectively. The revision will be applicable for deposits below Rs one crore.